Credit unions are not-for-profit financial cooperatives that provide a wide variety of services and products.
Over 115 million U.S. consumers are member-owners of the nation's 5,548 credit unions. Credit unions hold about 7% of the market share.
Source CUNA, US Credit Union Profile, 3rd Quarter 2018
Many if not all Georgia citizens can join a credit union (each credit union is structured to serve a specific "field" of membership). In Georgia, there are currently 104 credit unions that have combined assets of over $23.9 billion, and over 2.16 million members in the state. Accounts at Georgia credit unions are federally insured up to $250,000.
For more details on Georgia credit unions click here.
Numbers Accurate as of 3rd Quarter 2018
Credit union members actually own the credit union. Board of Directors are elected by members, and each member has an equal vote in determining the direction taken by the institution regardless of how much money they have deposited. Credit unions are not-for-profit, which helps keep fees low and typically allows for higher returns on deposits and lower interest rates on loans. As such, credit unions are in business to serve their members.
For more details on how credit unions are different, please see pages two and three of the ACSI Finance and Insurance Report 2014.
Looking to join a credit union? That's easy: visit aSmarterChoice.org, which can help search for a local credit union in your area. There are over 115 million credit union members...join one today if you aren't a member yet!